On 29 March 2019, the European Securities and Markets Authority (ESMA) published a final report containing guidelines on risk factors under the Prospectus Regulation (PR). ESMA is mandated to provide the guidelines under Article 16(4) of the PR to assist Member State competent authorities in their review of the specificity and materiality of risk factors and of the presentation of risk factors across categories depending on their nature.

The guidelines will be translated into the EU official languages and published on ESMA’s website. They will become effective two months after their publication on ESMA’s website in all the official languages.